Oil prices fell Monday after Iran’s casualty-free attack on a United States military base in Qatar, with investors hoping the attack signals the limits of Tehran’s retaliatory ability.
Prices spiked 6% after Iran <a href="https://www.cbsnews.com/news/iran-threatens-retaliation-us-strikes-expert-breaks-down-tehran-possible-targets/" target="_blank" rel="noopener">threatened</a> to close the Strait of Hormuz in response to President Donald Trump’s announcement that the United States had bombed an Iranian nuclear facility. Some 20% of the world’s daily oil supply passes through the strait, according to the <a href="https://apnews.com/article/stock-market-oil-iran-attack-2d05b0a9e52320e822b649b8e29d28aa" target="_blank" rel="noopener">AP.</a>
On Monday, Iran fired missiles at the Al Udeid Air Base, all of which were intercepted. There were no casualties. In response, “the price of a barrel of benchmark U.S. oil had dropped 7.2% to settle at $68.51 after briefly topping $78,” according to the AP.
Trump noted the de-escalatory nature of the attack in a <a href="https://truthsocial.com/@realDonaldTrump/posts/114734424268466099" target="_blank" rel="noopener">post</a> on Truth Social, emphasizing that there were no casualties, all missiles were successfully intercepted, and Iran warned the United States of the attack beforehand.
“Iran has officially responded to our Obliteration of their Nuclear Facilities with a very weak response, which we expected, and have very effectively countered.”
“Most importantly, they’ve gotten it all out of their “system,” and there will, hopefully, be no further HATE.”
Hours later, Trump announced that Israel and Iran agreed to a ceasefire. Markets will likely stabilize in the coming days.

New York Stock Exchange

Oil Prices Fall As Iran’s ‘Weak’ Retaliation Gives Way To Ceasefire

Donald Trump

Iran

Israel

Venezuela released U.S. Air Force veteran Joseph St. Clair on Tuesday in a bid to ease tensions with the United States.
St. Clair, 33, boarded a private chartered flight in Antigua and Barbuda and arrived in Washington, D.C., on Tuesday, according to <a href="https://www.wsj.com/world/americas/venezuela-frees-u-s-air-force-veteran-in-overture-to-trump-da13eb55" target="_blank" rel="noopener">The Wall Street Journal</a>. Richard Grenell, the U.S. envoy for special missions, oversaw the handoff between Venezuelan and U.S. authorities.
Nine other Americans remain in Venezuelan custody. St. Clair and eight of the remaining prisoners were declared wrongfully detained by the U.S. State Department on March 3. The ninth is expected to be designated wrongfully detained soon, WSJ reports.
“Joe St. Clair is back in America,” Grenell posted to social media along with photos of himself and the Air Force veteran. “I met Venezuelan officials in a neutral country today to negotiate an America First strategy. This is only possible because @realDonaldTrump puts Americans first.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Joe St. Clair is back in America. 
I met Venezuelan officials in a neutral country today to negotiate an America First strategy. 
This is only possible because <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> puts Americans first. <a href="https://twitter.com/tsori233?ref_src=twsrc%5Etfw">@tsori233</a> <a href="https://t.co/BItEnF9Ngg">pic.twitter.com/BItEnF9Ngg</a>
&mdash; Richard Grenell (@RichardGrenell) <a href="https://twitter.com/RichardGrenell/status/1924949414763741433?ref_src=twsrc%5Etfw">May 20, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
With St. Clair’s release, Caracas is hoping to placate the Trump administration into allowing Western oil companies to operate in the country, according to WSJ.
After coming into office, the Trump administration moved to pressure Venezuela and its dictator, Nicolas Maduro, by isolating the country economically and sequestering it from the global oil market. In February, Trump revoked a license that allowed Chevron to partner with Venezuela’s state-owned oil company to do business in the country.
Trump later took steps to block other Western oil companies from doing business in the country, as well. The president also <a href="https://www.cnbc.com/2025/03/24/trump-says-any-country-that-purchases-oil-from-venezuela-will-have-to-pay-25percent-tariff-on-trade-with-us.html" target="_blank" rel="noopener">threatened</a> to place 25% tariffs on any country that purchases Venezuelan oil.
In recent months, Venezuela has shown more willingness to work with the United States. In addition to releasing St. Clair, Caracas has also accepted a number of deportees back from the United States.
In return, the Trump administration will reportedly delay the final cutoff for Western oil companies to stop doing business in Venezuela.
St. Clair served four tours in Afghanistan. He was honorably discharged in 2019, however struggled with post-traumatic stress disorder and depression while trying to reenter civilian life. He sought treatment in South America, and was arrested by Venezuelan authorities on the border of Venezuela and Columbia in October.

Richard Grenell, Donald Trump

Venezuela Frees U.S. Air Force Veteran In Bid To Ease Tensions With United States

Global Politics

Richard Grenell

Venezuela

World

President Donald Trump on Thursday threatened to impose sanctions on any country or individual that purchases Iranian oil or petrochemical products.
“Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions,” <a href="https://truthsocial.com/@realDonaldTrump/posts/114433959082847679" target="_blank" rel="noopener">Trump posted</a> to Truth Social. “They will not be allowed to do business with the United States of America in any way, shape, or form.”
Trump’s warning comes after Secretary of Defense Pete Hegseth <a href="https://www.dailywire.com/news/you-will-pay-the-consequence-pete-hegseth-warns-iran-over-lethal-support-to-houthis?author=Kassy+Akiva&amp;category=News&amp;elementPosition=0&amp;row=0&amp;rowType=Vertical+List&amp;title=%E2%80%98You+Will+Pay+The+Consequence%E2%80%99%3A+Pete+Hegseth+Warns+Iran+Over+Lethal+Support+To+Houthis">warned</a> Wednesday that Iran would “pay the consequence” for providing “lethal support” to the Ansar Allah terrorist organization, also known as the Houthis.
It’s unclear what incident prompted Hegseth’s post. But on Monday, an encounter with the Houthis caused a $60 million U.S. F/A-18 fighter jet to slip off the hangar deck of the aircraft carrier USS Harry S. Truman and fall into the Red Sea.
The United States has spent several weeks conducting airstrikes <a href="https://www.dailywire.com/news/how-trump-and-rubio-put-america-first-in-100-days?author=Kassy+Akiva&amp;category=News&amp;elementPosition=0&amp;row=0&amp;rowType=Vertical+List&amp;title=How+Trump+And+Rubio+Put+America+First+In+100+Days" target="_blank" rel="noopener">on the Houthis</a> in response to the group’s more than 100 attacks on international cargo ships, tankers, and naval vessels following Hamas’ October 7 attack on Israel. Since March, over 800 Houthi targets have been hit, resulting in the elimination of hundreds of fighters and leaders, and Houthi ballistic missile launches and suicide drone attacks are down 69% and 55% respectively, <a href="https://www.foxnews.com/politics/us-strikes-kill-hundreds-houthi-fighters-hit-over-800-red-sea-targets-central-command" target="_blank" rel="noopener">Fox News reported</a>.
Despite being in active <a href="https://www.dailywire.com/news/heres-what-you-need-to-know-about-saturdays-nuclear-talks-between-the-u-s-and-iran" target="_blank" rel="noopener">nuclear negotiations</a> with the Iranian regime, Trump has kept up his “maximum pressure” campaign on Iran to prevent it from obtaining a nuclear weapon and curb its backing of terror organizations across the Middle East.
If negotiations fail, the president has repeatedly warned that military action remains on the table to disrupt Iran’s nuclear ambitions.
“I think if the talks aren’t successful with Iran, I think Iran is going to be in great danger,” <a href="https://www.dailywire.com/news/trump-says-iran-will-be-in-great-danger-if-saturdays-nuclear-talks-fail?row=3&amp;elementPosition=0&amp;rowType=Vertical+Carousel&amp;author=Kassy+Akiva&amp;title=Trump+Says+Iran+Will+Be+In+%E2%80%98Great+Danger%E2%80%99+If+Saturday%E2%80%99s+Nuclear+Talks+Fail&amp;category=News&amp;rowHeadline=Latest+News" target="_blank" rel="noopener">Trump said</a> from the Oval Office earlier this month. “It’s not a complicated formula. Iran cannot have a nuclear weapon, that’s all there is.”
On Wednesday, the State Department announced sanctions on seven entities involved in the Iranian petroleum and petrochemical trade. The sanctions target four sellers, one purchaser, one marine management company, two of its vessels, and an Iran-based cargo inspection firm.
Last week, <a href="https://www.dailywire.com/news/trump-sanctions-iranian-petroleum-magnate-caught-trying-to-move-oil-from-texas" target="_blank" rel="noopener">sanctions were imposed</a> on two Iranian petroleum magnates, one of whom was caught attempting to export cargo to China off the coast of Houston last year. In total, 72 entities, 14 individuals, and 74 vessels were sanctioned.

SAUDI-US-GCC-DIPLOMACY

Trump To World: Stop Buying Iranian Oil — Or Else

Pete Hegseth

Sanctions

President-elect <a href="https://www.dailywire.com/topic/donald-trump" target="_blank" rel="noopener">Donald Trump</a> is reportedly planning to ramp up the U.S. pressure campaign on Iran by enacting crippling sanctions on the Islamic regime immediately after taking office.
The Wall Street Journal <a href="https://www.wsj.com/world/middle-east/trump-to-renew-maximum-pressure-campaign-against-iran-f0db5fd5" target="_blank" rel="noopener">reported</a> that the plans include &#8220;drastically increasing sanctions&#8221; on the country and killing its oil industry as part of an &#8220;aggressive strategy to undercut Tehran’s support of violent Mideast proxies and its nuclear program.&#8221;
Trump is expected to move rapidly to cut off Iran&#8217;s oil revenue, including by going after &#8220;foreign ports and traders who handle Iranian oil.&#8221;
The report said that Trump&#8217;s new &#8220;maximum pressure&#8221; campaign against Iran will also factor in the fact that the regime has repeatedly tried to assassinate him and some of his top officials from his first administration.
“People tend to take that stuff personally,” said Mick Mulroy, a top Pentagon official during Trump’s first term. “If he’s going to be hawkish on any particular country, designated major adversaries, it’s Iran.”
Prosecutors unsealed an <a href="https://www.dailywire.com/news/feds-disrupt-iranian-assassination-plot-on-trump?topStoryPosition=3" target="_blank" rel="noopener">indictment</a> this week against Farhad Shakeri, 51, of Iran, on multiple charges, including murder-for-hire, conspiracy to commit murder-for-hire, money laundering conspiracy, conspiring to provide material support to a foreign terrorist organization, providing material support to a foreign terrorist organization, and conspiracy to violate the International Emergency Economic Powers Act and sanctions against the Government of Iran.
<a href="https://www.amiracist.com/?_gl=1*jtghwp*_gcl_au*ODQ1NjYzNTg2LjE3Mjg5MDk3OTE.*_ga*MTc2NzM0NDQ2NS4xNzI4OTA5Nzkx*_ga_CZKR9ZYKJP*MTczMDEyMDgwOS40OS4xLjE3MzAxMjA4MzkuMzAuMC4w" target="_blank" rel="noopener">MATT WALSH’S ‘AM I RACIST?’ NOW STREAMING ON DAILYWIRE+</a>
Prosecutors said that he hired two individuals to kill an Iranian dissident and two Jewish Americans.
However, with the elections approaching, the Islamic Revolutionary Guard Corps (IRGC) told Shakeri to pause his efforts to kill the dissident and the two Jewish Americans because they wanted him to focus on killing Trump.
“SHAKERI indicated to IRGC Official-1 that this would cost a ‘huge’ amount of money,” the <a href="https://www.justice.gov/opa/media/1376516/dl" target="_blank" rel="noopener">indictment</a> said. “In response, IRGC Official-1 said that ‘we have already spent a lot of money [s]o the money’s not an issue,’ which SHAKERI understood to mean that the IRGC previously had spent a significant sum of money on efforts to murder Victim-4 and was willing to continue spending a lot of money in its attempt to procure Victim-4’s assassination.”
During a meeting just one month ago with the IRGC official, Shakeri was instructed to have a plan in place to assassinate Trump within a week and that if he could not do it, Iran would put the plan on hold because they believed Trump “would lose the election and, afterward, it would be easier to assassinate.&#8221;

Iran To Meet Own Gasoline Needs After Persian Gulf Star Refinery Expansion

Trump To Pursue ‘An Aggressive Strategy’ To Cripple Iran

Executive

Iran&#8217;s illegal oil sales have exploded under the Biden-Harris administration, providing a much larger sum of cash than was previously known to the Islamic regime that it has used to fund terrorism throughout the Middle East.
The U.S. Energy Information Administration (EIA) said in a newly released report that Iran has made $144 billion in oil sales under the administration.
The report showed that Iranian oil revenues more than doubled during the administration&#8217;s first year in office, from $16 billion during former President Donald Trump&#8217;s last year in office to $37 billion in 2021.
Iran earned more than $53 billion during both 2022 and 2023.
The EIA warned that the real numbers could be even higher because Iran will use smaller vessels to transport the oil, which can avoid detection.
&#8220;Iran uses several obfuscation techniques such as turning off its ship identification signals, applying ship-to-ship transfers, or relabeling cargoes as originating from other countries for both crude oil and oil products, which increases the challenge of providing precise export data,&#8221; the report said.
<a href="https://www.amiracist.com/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.amiracist.com/&amp;source=gmail&amp;ust=1729077615157000&amp;usg=AOvVaw17Kprl74oE9DYOLREdiBPU">MATT WALSH’S ‘AM I RACIST?’ COMING TO DAILYWIRE+ OCT. 28</a>
The Free Beacon <a href="https://freebeacon.com/national-security/irans-illicit-oil-revenue-swells-to-nearly-200-billion-since-biden-harris-took-office-latest-figures-and-estimates-show/">reported</a> that Iran has already exported more than $34 billion in 2024, meaning the regime has collected at least $178 billion in oil exports under the administration.
Claire Jungman, director of United Against a Nuclear Iran&#8217;s (UANI) Tanker Tracking Program, told the publication that the numbers should serve as a &#8220;catalyst for the administration to enforce sanctions more aggressively on vessels transporting Iranian oil.&#8221;
&#8220;The illicit activity detailed in the report underscores the need for firm action to hold these vessels accountable and ensure that sanctions are effectively implemented to curtail Iran’s ability to export oil in violation of U.S. sanctions,&#8221; she added.
The $178+ billion Iran has earned under the administration does not include $16 billion in funds that the administration unfroze for Iran to access, including <a href="https://www.dailywire.com/news/biden-gives-iran-access-to-10-billion-after-iranian-backed-hamas-terrorists-murder-1200-israelis">$10 billion</a> in electricity revenues and <a href="https://www.dailywire.com/news/biden-hands-iran-6-billion-5-americans-freed">$6 billion</a> in frozen oil revenues.

Democratic Presidential Candidate Kamala Harris Holds Campaign Rally In Erie, Pennsylvania

Iran Has Made Nearly $200 Billion In Illegal Oil Sales Under Biden-Harris

Biden-Harris administration

Oil and Gas

Politics

Vice President Kamala Harris threatened to prosecute fossil fuel executives during her failed 2020 presidential campaign, according to newly surfaced remarks.
CNN <a href="https://www.cnn.com/2024/10/15/politics/harris-oil-companies-emissions-kfile/index.html">reported</a> that Harris told voters at a November 2019 town hall in South Carolina that oil companies and fossil fuel companies &#8220;should be really prepared to look at a serious fine or be charged with a crime&#8221; for their role in what leftists claim is a &#8220;climate crisis.&#8221;
&#8220;And, not unlike the tobacco companies, after years — ’cause they’d done the research — they knew the harm that their product was causing,&#8221; Harris continued. &#8220;They were making so much money that they kept that secret — same thing with these big oil companies. And they need to pay the price.&#8221;
<blockquote class="twitter-tweet">
NEW: Our report last night on OutFrontCNN &#8211; As a candidate in 2019, Kamala Harris said she could criminally prosecute oil companies for climate change. Fast forward to 2024, she and Walz are now touting those same companies record oil production under the Biden-Harris admin. <a href="https://t.co/mygxdQNDXI">pic.twitter.com/mygxdQNDXI</a>
— Andy Kaczynski (@KFILE) <a href="https://twitter.com/KFILE/status/1846526473781285097?ref_src=twsrc%5Etfw">October 16, 2024</a></blockquote>
CNN added that Harris made similar remarks at the time in an interview with leftist magazine Mother Jones.
“Let’s get them not only in the pocketbook, but let’s make sure there are severe and serious penalties for their behaviors,” she said.
Harris — now the Democrat Party&#8217;s presidential nominee, despite never earning a single vote from primary voters — is now trying to take credit for the U.S.&#8217;s oil and gas production.
<a href="https://www.amiracist.com/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.amiracist.com/&amp;source=gmail&amp;ust=1729077615157000&amp;usg=AOvVaw17Kprl74oE9DYOLREdiBPU">MATT WALSH’S ‘AM I RACIST?’ COMING TO DAILYWIRE+ OCT. 28</a>
The Biden-Harris administration&#8217;s policies have caused the U.S. to fall <a href="https://www.dailywire.com/news/bidens-war-on-oil-and-gas-has-cost-the-u-s-250-billion-in-lost-gdp-study">well behind</a> oil and gas production projections.
In 2019, Harris led the charge with Rep. Alexandria Ocasio-Cortez (D-NY) in trying to ram the Green New Deal through Congress, an extreme far-Left climate initiative that would cost tens of trillions of dollars.
Harris also <a href="https://www.dailywire.com/news/kamala-harris-campaign-claims-she-wont-ban-fracking-after-she-unequivocally-stated-she-would">said</a> at the time she would ban fracking, a claim that she has now walked back and continued to lie about when it comes to her past comments.
“There’s no question I’m in favor of banning fracking,” she told an audience member during a CNN town hall event in 2019. “And starting with what we can do on day one around public lands, and there has to be legislation. That’s something I’ve taken on in California. I have a history of working on this issue, and to your point, we have to just acknowledge that the residual impact of fracking is enormous in terms of the health and safety of communities.”
During an appearance on Jimmy Fallon in 2019, she called climate change the “single greatest threat” facing the world and said she was committed to passing the extreme Green New Deal and “finally putting an end to fracking once and for all.”
Harris was asked whether she still supported banning fracking during a softball CNN interview with Dana Bash several weeks ago.
“No, and I made that clear on the debate stage in 2020, that I would not ban fracking,&#8221; she claimed. &#8220;As vice president, I did not ban fracking. As president, I will not ban fracking.”
A <a href="https://www.dailywire.com/news/kamala-lies-about-what-she-has-said-regarding-her-support-for-banning-fracking">review</a> of Harris&#8217; claims about what she said on the debate stage shows that she was lying.
After then-presidential nominee Joe Biden picked her as his running mate, she appeared in one vice presidential debate against Mike Pence in October 2020.
During that debate, Harris never stated that she would not ban fracking; she said that Biden would not ban fracking.
“Joe Biden will not end fracking,” Harris said. “He has been very clear about that.”
Several minutes later, Harris said: “Alright, so first of all, I will repeat, and the American people know, that Joe Biden will not ban fracking. That is a fact.”

Kamala Harris kicks off her New Way Forward Tour in Charlotte

Kamala Once Threatened To Jail Oil Executives: ‘They Need To Pay The Price’

Elections

Kamala Harris

<a href="https://www.dailywire.com/topic/israel" target="_blank" rel="noopener">Israel</a> reportedly informed Iran that it will destroy either its nuclear or oil facilities in response to the attack that the Islamic regime carried out on Israeli soil Tuesday night.
The Wall Street Journal reported that Iran told Arab countries yesterday about the attack that it was going to launch against Israel, which included <a href="https://www.dailywire.com/news/breaking-iran-fires-100-ballistic-missiles-at-israel?topStoryPosition=1" target="_blank" rel="noopener">firing</a> nearly 200 ballistic missiles — approximately double the number of ballistic missiles that were fired during its attack on Israel back in April.
&#8220;Israel sent clear messages back to Iran that it would respond to any hit on Israeli territory, no matter how small or large, and that it didn’t matter if there were casualties or not,&#8221; the report <a href="https://www.wsj.com/livecoverage/israel-iran-hezbollah-conflict?mod=WSJ_home_mediumtopper_pos_1" target="_blank" rel="noopener">said</a>. &#8220;Israel specifically said it would directly hit Iran’s nuclear or oil facilities.&#8221;
An official from the Israel Defense Forces (IDF) told reporters that the country will continue &#8220;powerful strikes&#8221; throughout the Middle East tonight in response to the attack.
The U.S. and Israel appear to have intercepted the majority of missiles that were fired, although some did explode on Israeli soil.
<a href="https://www.amiracist.com/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.amiracist.com/&amp;source=gmail&amp;ust=1726313279401000&amp;usg=AOvVaw115_qPFFEePDP86-Fvo-Vd">Am I Racist? Is In Theaters NOW — Get Your Tickets Here!</a>
While damage assessments are currently underway, U.S. and Israeli officials said that the attack was not successful and does not appear to have killed anyone other than a Palestinian man who was killed by falling shrapnel.
An Israeli official <a href="https://www.dailywire.com/news/israel-u-s-vow-significant-response-severe-consequences-for-iran-after-missile-attack?topStoryPosition=3" target="_blank" rel="noopener">told</a> CNN that the country had a “significant response” planned for Iran and that the damage Iran has suffered, including to its terrorist proxy groups, is “only a promo” for what Israel has in store for the world’s leading state sponsor of terrorism.
U.S. national security adviser Jake Sullivan, who has been disastrous for U.S. foreign policy, claimed that there would be “consequences — severe consequences — for this attack, and we will work with Israel to make that the case.”

Israel Air Force

Israel To Destroy Iran’s Nuclear Facilities Or Oil Facilities: Report

Iran Nuclear

Despite the best efforts of the Biden administration to move toward green alternatives, oil remains a vital commodity to not only the American economy but also global civilization in general. Easy access to the substance can be the deciding factor between a country&#8217;s prosperity and its descent into chaos and poverty.
On Tuesday, the Biden administration <a href="https://www.dailywire.com/news/biden-admin-nixes-plan-to-help-refill-strategic-petroleum-reserve" target="_blank" rel="noopener">announced</a> that it had canceled plans to help refill the Strategic Petroleum Reserve, citing a rise in crude oil prices to $85 a barrel. The government had previously announced in March that it would solicit up to 3 million barrels for a facility in Louisiana as part of its efforts to resupply the SPR.
The Energy Department claimed to be “keeping the taxpayer’s interest at the forefront.” The agency said, “We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow,” adding, “We will continue to monitor market dynamics.”
In an attempt to stimulate skyrocketing gas prices in the wake of the COVID-19 pandemic, the Biden administration <a href="https://rollcall.com/2022/10/19/biden-to-announce-more-oil-reserve-sales-to-reduce-gas-prices/" target="_blank" rel="noopener">initiated</a> a 180-million-barrel <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/" target="_blank" rel="noopener">drawdown</a> of the SPR in 2022, decreasing the reserve to its <a href="https://www.axios.com/2022/11/02/biden-strategic-petroleum-reserve-oil-levels" target="_blank" rel="noopener">lowest level in decades</a>. Since that drawdown, Biden has slowly purchased more oil, around 32 million barrels, but the reserve is still well below where it was before Biden took office.
<div id="attachment_719633" style="width: 779px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-719633" class="size-large wp-image-719633" src="https://dw-wp-production.imgix.net/2024/04/GettyImages-1434804700-769x576.jpg" alt="FREEPORT, TEXAS - OCTOBER 19: In an aerial view, the Strategic Petroleum Reserve storage at the Bryan Mound site is seen on October 19, 2022 in Freeport, Texas. US President Joe Biden is planning to release fifteen million barrels of oil from the nation's emergency reserves in an effort to continue curving gas prices around the country. The deal completes Biden's March initiative to release 180 million barrels from the Strategic Petroleum Reserve. (Photo by Brandon Bell/Getty Images)" width="769" height="576" srcset="https://dw-wp-production.imgix.net/2024/04/GettyImages-1434804700-769x576.jpg 769w, https://dw-wp-production.imgix.net/2024/04/GettyImages-1434804700-300x225.jpg 300w, https://dw-wp-production.imgix.net/2024/04/GettyImages-1434804700-768x575.jpg 768w, https://dw-wp-production.imgix.net/2024/04/GettyImages-1434804700.jpg 1024w" sizes="(max-width: 769px) 100vw, 769px" />Brandon Bell/Getty Images</div>
The SPR currently stands at <a href="https://www.eia.gov/petroleum/supply/weekly/pdf/table1.pdf" target="_blank" rel="noopener">363.6 million barrels</a> according to recent data, down from around <a href="https://apnews.com/article/biden-inflation-business-opec-climate-and-environment-cd15107ef2e0bb49db9165eb190b450c" target="_blank" rel="noopener">600 million</a> barrels in late 2021 and nearly half the <a href="https://www.energy.gov/ceser/spr-quick-facts" target="_blank" rel="noopener">authorized storage capacity</a> of 714 million barrels.
Though the administration&#8217;s decision on the SPR was received passively by the mainstream media, it&#8217;s actually a pretty massive deal for those who remember why it was created in the first place.
The SPR, “the world’s largest supply of emergency crude oil,&#8221; was established in 1975 specifically to &#8220;reduce the impact of disruptions in supplies of petroleum products&#8221; in the wake of the oil crisis of the mid-1970s, the Energy Department <a href="https://www.energy.gov/ceser/strategic-petroleum-reserve" target="_blank" rel="noopener">notes</a>.
In retaliation for supporting Israel during the Yom Kippur War in October 1973, the Arab-dominated OPEC (Organization of the Petroleum Exporting Countries) <a href="https://www.britannica.com/event/Arab-oil-embargo" target="_blank" rel="noopener">imposed</a> an embargo on oil exports to the United States. Within a year, the price for a barrel of oil in the U.S. quadrupled, and the nation suffered its first oil shortage since World War II.
In response, the federal government lowered the national speed limit to 55 mph in order to reduce oil consumption, several states <a href="https://www.washingtonpost.com/history/2021/05/13/gas-shortages-1970s/" target="_blank" rel="noopener">imposed</a> rationing schemes, and gas lines <a href="https://www.npr.org/sections/pictureshow/2012/11/10/164792293/gas-lines-evoke-memories-oil-crises-in-the-1970s#:~:text=During%20two%20separate%20oil%20crises,they%20tried%20to%20fill%20up." target="_blank" rel="noopener">became</a> common. One common scheme to control gas consumption was to only allow cars with license plates that ended in an odd number to refuel on an odd day of the month, and vice versa for cars with license plates ending in an even number.
<div id="attachment_719631" style="width: 876px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-719631" class="size-large wp-image-719631" src="https://dw-wp-production.imgix.net/2024/04/GettyImages-155367107-866x576.jpg" alt="Drivers queue for fuel at a petrol station near Trenton, New Jersey, USA, circa 1974. The country has been hit by worldwide fuel shortages caused by the oil embargo imposed by the Organization of Arab Petroleum Exporting Countries (OAPEC). (Photo by Frederic Lewis/Archive Photos/Getty Images)" width="866" height="576" srcset="https://dw-wp-production.imgix.net/2024/04/GettyImages-155367107-866x576.jpg 866w, https://dw-wp-production.imgix.net/2024/04/GettyImages-155367107-300x200.jpg 300w, https://dw-wp-production.imgix.net/2024/04/GettyImages-155367107-768x511.jpg 768w, https://dw-wp-production.imgix.net/2024/04/GettyImages-155367107.jpg 1024w" sizes="(max-width: 866px) 100vw, 866px" />Frederic Lewis/Archive Photos/Getty Images</div>
The U.S. economy <a href="https://www.csis.org/analysis/arab-oil-embargo-40-years-later" target="_blank" rel="noopener">shrank</a> by an estimated 2.5% because of the crisis. Though the embargo was ended after negotiations between the U.S. and OPEC in March 1974, the surge in prices and unemployment contributed to the stagflation the plagued the U.S. economy for the rest of the decade.
After it was established in 1975, the SPR was quickly stocked throughout the 1980s, remaining relatively stable during the next three decades and even reaching a high of over 715 million barrels around 2010.
The oil crisis also motivated the government to encourage more domestic oil production, <a href="https://www.investopedia.com/1973-energy-crisis-definition-5222090" target="_blank" rel="noopener">reducing</a> the nation&#8217;s reliance on OPEC oil from around 70% of total oil imports in the early &#8217;70s to around 16% <a href="https://www.eia.gov/tools/faqs/faq.php?id=727&amp;t=6#:~:text=Crude%20oil%20imports%20of%20about,%2C%20and%20U.S.%20Virgin%20Islands)." target="_blank" rel="noopener">today</a>. The U.S. also sources a majority of its oil imports from Canada. Still, the U.S. imports over 8 million barrels of oil per day from around the world, <a href="https://www.eia.gov/tools/faqs/faq.php?id=727&amp;t=6#:~:text=Crude%20oil%20imports%20of%20about,%2C%20and%20U.S.%20Virgin%20Islands)." target="_blank" rel="noopener">according</a> to the Energy Information Administration, and as shown by the global supply chain disruptions seen during the pandemic, global events can still wreak havoc on domestic prices.
The SPR was not intended to be used as the president&#8217;s oil piggy bank — broken open to drive down gas prices and shore up his party&#8217;s chances in the upcoming midterms. It&#8217;s there to stave off the gas lines that marked the 1973 oil crisis and keep the military machine going in the event the nation is cut off from overseas oil.
A full-scale conflict in the Middle East — home to major oil exporters like Iraq and Saudi Arabia — or a war between the U.S. and China in the Pacific would certainly sow discord in global trade. If global tensions continue to escalate and the SPR remains understocked, the president threatens to leave the nation disastrously short of a critical product for a significant length of time.

Remember The ’70s Oil Crisis: Biden’s Reluctance To Restock America’s Oil Reserves Should Be A Massive Red Flag

Remember The '70s Oil Crisis: Biden's Reluctance To Restock America's Oil Reserves Should Be A Massive Red Flag

Biden Administration

Energy

Middle East

OPEC

Readers Pass

Strategic Petroleum Reserve

U.S.

Iranian-backed <a href="https://www.dailywire.com/topic/houthis" target="_blank" rel="noopener">Houthi terrorists</a> struck an oil tanker near the Arabian Peninsula on Friday as President Joe Biden refuses to take adequate military action to stop the group from conducting routine attacks that are disrupting global trade in the region.
&#8220;On Jan. 26, at approximately 7:45 p.m. (Sanaa time), Iranian-backed Houthi terrorists fired one anti-ship ballistic missile from Houthi-controlled areas of Yemen and struck the Marshall Islands-flagged oil tanker M/V Marlin Luanda,&#8221; U.S. Central Command said in a statement. &#8220;The ship issued a distress call and reported damage.&#8221;
&#8220;USS Carney (DDG 64) and other coalition ships have responded and are rendering assistance,&#8221; the statement continued. &#8220;No injuries have been reported at this time.&#8221;
Purported images of the ship that circulated online showed fire-crews trying to extinguish a blaze that was on the deck of the ship.
Trafigura, the firm operating the ship, said the vessel was carrying &#8220;Russian naphtha purchased below the price cap in line with G7 sanctions,&#8221; Reuters <a href="https://www.reuters.com/world/ukmto-reports-incident-60-nautical-miles-south-east-yemens-aden-advisory-note-2024-01-26/" target="_blank" rel="noopener">reported</a>.
The United Kingdom Maritime Trade Operations (UKMTO) said that the incident happened approximately 60 nautical miles southeast of Aden, Yemen.
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&#8220;A Merchant Vessel has been struck by a missile and remains on fire,&#8221; UKMTO said. &#8220;Coalition Warships are in attendance and supporting the vessel. All crew are reported safe.&#8221;
During the early morning hours on Saturday, CENTCOM said that it conducted a self-defense strike against a Houthi anti-ship missile.
&#8220;On Jan. 27 at approximately 3:45 a.m. (Sanaa time), U.S. Central Command Forces conducted a strike against a Houthi anti-ship missile aimed into the Red Sea and which was prepared to launch,&#8221; CENTCOM said. &#8220;U.S. Forces identified the missile in Houthi-controlled areas of Yemen, and determined it presented an imminent threat to merchant vessels and the U.S. Navy ships in the region.&#8221;
&#8220;U.S. Forces subsequently struck and destroyed the missile in self-defense,&#8221; the statement continued. &#8220;This action will protect freedom of navigation and make international waters safer and more secure for U.S. Navy vessels and merchant vessels.&#8221;

Daily Life In Colombo

Houthi Terrorists Strike Oil Tanker In Gulf Of Aden

Houthis

Terrorism

Yemen

The Alaska Democratic Party is exploring amending its platform to call for an end to all oil drilling and fracking in the state, according to documents obtained by The Daily Wire.
In a document where members of the Alaska State Democratic Party&#8217;s Climate Caucus can suggest changes to the party&#8217;s platform, some are calling for a complete end to oil development in one of America&#8217;s premier oil-producing states.
One member of the caucus, Tim Hinterberger, condemned oil development in its entirety. Hinterberger, a professor at the University of Alaska at Anchorage, proposed that the party delete a statement from its current platform that pledges support for &#8220;responsible oil development performed in a manner that protects our fish, game, and wildlife resources.”
&#8220;At this advanced stage of climate disruption, no oil development is responsible,&#8221; Hinterberger wrote.
<div class="image"><img loading="lazy" decoding="async" class=" wp-image-667453 aligncenter" src="https://dw-wp-production.imgix.net/2023/12/Alaska-Dems-12-300x145.jpg" alt="" width="862" height="417" srcset="https://dw-wp-production.imgix.net/2023/12/Alaska-Dems-12-300x145.jpg 300w, https://dw-wp-production.imgix.net/2023/12/Alaska-Dems-12-1024x496.jpg 1024w, https://dw-wp-production.imgix.net/2023/12/Alaska-Dems-12-768x372.jpg 768w, https://dw-wp-production.imgix.net/2023/12/Alaska-Dems-12-1536x743.jpg 1536w, https://dw-wp-production.imgix.net/2023/12/Alaska-Dems-12-2048x991.jpg 2048w" sizes="(max-width: 862px) 100vw, 862px" /></div>
While some in the Alaska Democratic Party call for a complete end to oil production, the state’s economy remains largely dependent on the industry. Alaska produced <a href="https://www.eia.gov/energyexplained/oil-and-petroleum-products/where-our-oil-comes-from.php">159,611,000 barrels</a> of crude oil in 2022, making it the fifth-highest producer of any American state. The oil industry was also estimated to have been <a href="https://www.akrdc.org/oil-and-gas#:~:text=In%202018%2C%20the%20industry%20accounted,%244.8%20billion%20in%20Alaska%20wages.">responsible</a> for $4.8 billion in wages and 77,600 direct and indirect jobs in 2018. The oil industry even accounts for about one-half of the state’s total economy when taking into account state spending of revenues from the industry.
The statement in support of “responsible oil development” was just one such line that those involved in editing the platform are calling on the party to remove. Must Read Alaska <a href="https://mustreadalaska.com/climate-cult-what-does-it-mean-to-be-a-democrat-in-alaska-new-platform-may-oppose-all-oil-and-gas/">reported</a> that those involved in the modification of the platform also urged the party to ax a separate portion of the platform that advocated for oil and gas to be procured under certain circumstances.
The report found that those editing the document also urged the party to remove a portion that read “the monetizing of Alaska’s North Slope natural gas resources in a safe and environmentally responsible manner as soon as it is economically feasible to do so” and also advocated for offshore drilling and fracking under certain circumstances.
The calls for an end to oil development come as the oil industry in Alaska has experienced decline, retreating significantly from 1998 the state accounted for a quarter of the United State’s oil production.
Rick Whitbeck, the Alaska State Director of <a href="https://powerthefuture.com/about-us/">Power the Future</a>, a nonprofit organization that advocates for those who work in the energy space, warned that curtailing the state’s petroleum industry would have devastating consequences and charged that the proposed change to the Democratic Party’s platform is “both irresponsible and radical.”
“Alaska would quickly be bankrupt if our petroleum industry was shuttered.  Nearly 20% of our private-sector workforce is paid – directly or indirectly – by oil and gas development revenues, so you’d see a mass exodus of people as well,” Whitbeck told The Daily Wire. “Philanthropy would dry up, our vibrant arts and culture programs would go unfunded and our infrastructure would crumble without revenues to keep them maintained.”
He went on to contend that the Biden administration currently has a “choke-hold” on new energy developments, which means that the U.S. “needs all of the existing projects operating full-throttle, so we don’t become even more dependent on foreign countries for our domestic oil demand.”
Alaska’s only statewide elected official from the Democratic Party, Representative Mary Peltola (D-AK), declined to comment directly on the potential changes in the state party’s platform, but did assert that losing the oil and gas industry would significantly damage the state’s economy.
“Oil and gas supports thousands of jobs in-state, directly and indirectly, and provides crucial revenue for the state and local communities. Losing these industries without effectively transitioning to other energy sources would be significantly harmful to Alaska,” Rep. Peltola’s office told The Daily Wire before pointing to her support of the Willow Project, which she <a href="https://alaskapublic.org/2023/09/06/peltola-nearing-one-year-in-office-touts-her-support-for-willow-and-other-energy-projects/">called</a> “the largest North Slope oilfield investment in decades.”
Tim Hinterberger did not respond to a request for comment.

Alaska Oil Pipeline

Alaska Democratic Party Considers A Call To End All Oil Production

Alaska

Environment

An oil refinery inside <a href="https://www.dailywire.com/topic/iran" target="_blank" rel="noopener">Iran</a> went up in flames over the weekend, triggering several massive explosions.
The state-run Islamic Republic News Agency, or IRNA, said that all 18 reservoirs at the refinery in eastern Iran&#8217;s Birjand special economic zone caught fire.
&#8220;The initial stages of the fire consumed 1.5 million litres of fuel,&#8221; Iranian officials <a href="https://www.reuters.com/world/middle-east/refinery-reservoirs-near-eastern-iranian-city-birjand-catch-fire-irna-2023-12-10/" target="_blank" rel="noopener">said</a>.
The Jerusalem Post <a href="https://www.jpost.com/breaking-news/article-777396" target="_blank" rel="noopener">reported</a> that Iranian officials were leaning toward letting the fire burn itself out because it was too dangerous for firefighters to get close enough to attempt to extinguish it.
There was no indication of what caused the fire or whether it was an accident or sabotage. Iran had not yet tried to blame anyone.
While it could have been an accident, it&#8217;s worth noting that the fire — which easily caused millions of dollars in damage — comes as Iranian-backed terrorists in Yemen have attacked Israeli shipping vessels over the past few weeks, causing damage to the ships and <a href="https://www.dailywire.com/news/iranian-backed-houthi-terrorists-seize-cargo-ship-in-red-sea" target="_blank" rel="noopener">hijacking another</a>.
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The Houthi terrorists vowed over the weekend that they would increase their attacks on ships going to Israel in response to Israel destroying Hamas terrorist forces inside Gaza.
The Houthis &#8220;will prevent navigating all the ships heading to the Zionist entity from any nationality, if the food and medicine keep not accessing the Gaza Strip, and the will become a legitimate target for our armed forces,&#8221; said Houthi terrorist spokesperson Yahya Sare’e. The terrorist said that any ship headed toward Israel or affiliated with Israel would be targeted by the terror group.

oil refinery

Oil Refinery Goes Up In Flames Inside Iran

Fire

General

When challenged to explain why he has been unable to fulfill a campaign promise to crack down on drilling for oil and gas, President <a href="https://www.dailywire.com/topic/joe-biden">Joe Biden</a> said the <a href="https://www.foxbusiness.com/politics/bidens-oil-gas-moratorium-dealt-potentially-fatal-blow-federal-court">courts stormed in</a> and ruined his plans.
Stephanie Abrams, a meteorologist for The Weather Channel, asked the question during one of Biden&#8217;s <a href="https://www.dailywire.com/news/president-biden-finally-sits-down-for-an-in-person-interview-with-the-weather-channel">rare sit-down interviews</a>, this one taking place at the Grand Canyon.
“Let’s talk Gen Z, because they’re going to play a big role in the next presidential election, and many of them are angry about the 7,000 oil and gas permits you approved since you’ve been in office,&#8221; Abrams said. &#8220;You promised no new drilling on federal land or offshore. Can you tell Gen Z that you haven’t broken your promise?”
Biden, who is running a 2024 re-election campaign, replied, &#8220;Yes, because the courts overruled me. The courts said I couldn’t do it. I wanted to stop all drilling on the East Coast and the West Coast and in the Gulf. But I lost in court. But we&#8217;re still pushing — we&#8217;re still pushing really very hard!&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
&quot;You promised no new drilling on federal land or offshore. Can you tell Gen Z that you haven&#39;t broken your promise?&quot;
BIDEN: &quot;I wanted to stop ALL drilling &#8230; but I lost in court! But we&#39;re still pushing really very hard!&quot; <a href="https://t.co/cvnK1d819g">pic.twitter.com/cvnK1d819g</a>
&mdash; RNC Research (@RNCResearch) <a href="https://twitter.com/RNCResearch/status/1689223404908367872?ref_src=twsrc%5Etfw">August 9, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Indeed, <a href="https://www.nytimes.com/2023/07/20/climate/biden-drilling-federal-lands.html">as noted by The New York Times last month</a>, Biden&#8217;s administration has been &#8220;compelled&#8221; by federal court decisions to continue selling drilling leases — outpacing the Trump administration during the same duration of time and leading to major oil and gas companies notching record profits in 2022.
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Karoline Leavitt, a <a href="https://www.foxnews.com/politics/karoline-leavitt-join-trump-super-pac-spokeswoman">spokeswoman</a> for the pro-Trump super PAC Make America Great Again Inc., argued Biden&#8217;s comments about drilling could damage him politically ahead of a potential general election rematch against former President Donald Trump.
&#8220;How long until the White House walks back this radical position to save face for the general election?&#8221; she <a href="https://twitter.com/kleavittnh/status/1689241173540454400">said in a post to X</a>. &#8220;But Biden said it — he wants to stop ALL drilling, kill ALL energy jobs, and increase prices for ALL Americans. If he has 4 more years, he will! We need Trump!&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
WEDNESDAY:<a href="https://twitter.com/StephanieAbrams?ref_src=twsrc%5Etfw">@StephanieAbrams</a> sits down for an exclusive interview with <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> to discuss our changing planet. Join us on air and on our TV app: <a href="https://t.co/Feaf8zT3Ip">https://t.co/Feaf8zT3Ip</a> <a href="https://t.co/3cFrsfVy6I">pic.twitter.com/3cFrsfVy6I</a>
&mdash; The Weather Channel (@weatherchannel) <a href="https://twitter.com/weatherchannel/status/1689092919116865536?ref_src=twsrc%5Etfw">August 9, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Biden also insisted that the private sector is &#8220;coming off the sidelines&#8221; by investing in renewable energy.
&#8220;They’ve invested $250 billion in alternative energy. They’re building solar facilities. They’re building — there&#8217;s electrolyzers to take hydrogen and turn it — I mean there’s so much going on. Finally, finally, no one can any longer deny that we don’t have a problem with climate change.”
The interview comes after a Washington Post-University of Maryland poll <a href="https://www.washingtonpost.com/climate-environment/2023/08/07/biden-white-house-climate-policy/">found</a> 57% percent of Americans disapprove of Biden&#8217;s handling of climate change.

Joe Biden

Biden Laments How Desire To ‘Stop All Drilling’ Got Blocked In Court

Biden Laments How Desire To 'Stop All Drilling' Got Blocked In Court

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